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MORE BRAZIL LINKS: More flights are serving what was Miami’s second-busiest passenger market before the pandemic. Brazilian low-cost airline GOL has resumed service at Miami International Airport for the first time since the pandemic hit with four weekly flights to Brasilia, which are due to switch July 4 to daily service. GOL offers the airport’s only flights to Brasilia, and Miami and Orlando are GOL’s only US destinations. Brazilian flights brought 1.5 million passengers a year to Miami before the pandemic. GOL is also set to resume flights between Miami and Manaus on June 4, which will give the airport four Brazilian routes.
FALL IN DOMESTIC SALES: Miami home sales in April fell 13% from April 2021, from 3,960 sales last April to 3,445 this year. Sales of existing condos fell 7.4% year over year from 2,376 to 2,199 this year. Single-family home sales fell 21.3% from 1,584 in April 2021 to 1,246 in April, according to figures from the Miami Association of Realtors. The association said the fall was due to rising mortgage rates which dampened sales. Sales of luxury single-family homes — which the association classifies as those $1 million and up — fell 31.2% to 247 sales, which the association said was due to “low inventory.” Condominium sales in this price range fell 0.3% to 313 transactions.
HOUSE PRICES ARE SOAR: While Miami-Dade home and condo sales fell in April, prices for homes that sold continued to rise sharply. Selling prices for existing condominiums are up 20% year over year, from a median of $325,000 to $390,000, reports the Miami Association of Realtors. Meanwhile, the median price of single-family homes sold rose 9.7% from $515,000 in 2021 to $565,000.
INTERNATIONAL TRADE STUDY: The Center for International Business Education and Research at Florida International University will receive $1.33 million from the federal government over four years to support more than 50 programs aimed at promoting international understanding and competitiveness. The university’s business school will match funding for current and new activities, including the undergraduate research associates program, programs integrating foreign language and international studies training, international internships and programs study abroad, international trade missions and research and development faculty in South Korea, India and Latin America. The grant is one of 16 such awards nationwide.